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Developers have slashed the price of new apartments in the heart of St Helens town centre to £50,000 as they attempt to beat the property slump.

Countryside Properties has dramatically cut the cost of more than 20 flats at its trendy HQ development on Hall Street after the economic downturn left many would-be buyers struggling to secure mortgages.

Prices for the apartments stood at about £95,000 when the properties in the 198-apartment site went on sale in April this year. Now they are almost half that figure.

In the past week both an experienced estate agent and a veteran builder have described the stagnation of the property market and the construction industry “as the worst they have seen in living memory”.

It is understood the firm has cut the prices after research showed prospective buyers are struggling to secure mortgages above £50,000.

The developer says the properties are “priced purposefully to fly off the shelf”, with one bedroom apartments starting at just £50,000 and two beds at £60,000. Countryside Properties will also cover five per cent of the deposit for every buyer.

Those still struggling to meet these mortgage payments can even choose to purchase a home at 70per cent of the price – which means a one bedroom apartment could be just £35,000.Martin Leggett, Countryside Properties’ Regional Sales Director said: “These are incredible prices no question, but I can promise there is absolutely no catch. These are top quality homes and we just want to sell them at prices people can afford to pay.

“Within hours of releasing them we have had four reservations so we really do expect them to fly off the shelf; which just goes to show that despite troubling economic times, property at the right price and in the right location is a sound investment.

“So whether you want to make HQ your home or you are buying a nest egg for the future, make sure you come along this weekend before they are all snatched up When buyers purchase apartments at 70per cent of the price, Countryside Properties will take care of the remaining 30per cent for 10 years.

“This can be paid back to the developer when the property is sold or at any time within the 10 year period. There is no rent to pay and the share is completely interest free but the home is still fully owned by the buyer from day one.”

Homebuyers can find out more by calling 01744 20747 or visiting www.hqsthelens.co.uk. The HQ sales and marketing suite is also open from 11am to 6pm on Lower Hall Street, St Helens.